Stock-Based Compensation

6 Months Ended

Oct. 31, 2017

The Company has stock-based compensation plans under which employees may be granted performance-based stock awards and other restricted stock awards. Prior to fiscal year 2017, the Company also granted options to purchase shares of Company common stock at the fair market value at the time of grant. The Company recognizes the grant date fair value of stock-based compensation in net income on a straight-line basis over the requisite service period. The measurement of performance for performance-based stock awards is based on actual financial results for targets established three years in advance. For the three months ended October 31, 2017 and 2016, the Company recognized stock-based compensation (benefit) expense, on a pre-tax basis, of $4.0 million and $4.6 million, respectively. For the six months ended October 31, 2017 and 2016, the Company recognized stock-based compensation expense, on a pre-tax basis of $2.5 million and $4.9 million, respectively.

The following table summarizes restricted stock awards granted by the Company:

	Six Months Ended October 31,
	2017			2016
Restricted Stock:
Awards granted (in thousands)			405			509
Weighted average fair value of grant		$	51.44		$	50.56

For the six months ended October 31, 2017 and 2016, the Company did not grant stock option awards.